Nomura Securities Starts TAL International (TAL) at Buy; What You See Is Not Always What You Get

Nomura Securities initiates coverage on TAL International (NYSE: TAL) with a Buy. PT $38.00.

Nomura analyst, Bill Carcache, said, "AL is one of the world’s oldest and largest intermodal container leasing companies. Despite our cautiousness at the industry level, we see value in TAL shares on an absolute basis based on our view that the equity-like nature of the company’s deferred tax liabilities is being mispriced, representing ~$11/share. Our FY’12 and FY’13 core EPS ests are $3.95 and $4.04, respectively. Our px tgt implies a 6.6x our 2013 base case (tax-adjusted) EPS estimate of $5.77."

For an analyst ratings summary and ratings history on TAL International click here. For more ratings news on TAL International click here.

Shares of TAL International closed at $26.35 yesterday.

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